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Tuesday, 14 October 14
THE NEW CHINESE TRANSPORTATION TAX LAW: WHAT DOES IT MEAN FOR GREEK SHIPPING? - DELOITTE
 China has recently promulgated a new law which imposes tax on profits from freights of inbound routes. The objective of the new tax law titled “Provisional Measures on the Collection of Tax on Non-Resident Taxpayers Engaged in International Transportation Business” (Bulletin of the State Administration of Taxation 2014, No. 37) is to strengthen the tax administration of foreign companies operating international transportation business with China.
What has changed?
Until recently, China had only been taxing international outbound routes with an effective tax rate of 1.25% on the gross revenue. The new rules extend the scope of the tax to inbound routes, and increase the tax rate. As of August 1st, 2014, freights of non-resident shipping companies operating in international routes towards Chinese ports are expected to pay a new tax rate (Enterprise Income Tax – EIT) of 25% on profit. The tax is levied on freights on voyage charters and time charters.
How will the new tax be collected?
Currently there are three options for collection, however further clarification is expected:
1. Tax registration in China: Non-resident shipping companies will have to register with Chinese tax authorities and comply with local bookkeeping and tax rules. The tax at the rate of 25% will be levied on the declared net profit, or
2. Tax on deemed profit: where the enterprises are unable to calculate and report taxable income accurately, they can register and pay tax on a deemed profit. The profit rate cannot be less than 15% and the tax rate will be 25%. Therefore, for a freight of $100, it will be deemed that there is a $15 profit, for which a 25% tax will be due (therefore an effective tax rate of 3.75%), or
3. Have tax withheld by an agent: instead of registering with the Chinese authorities, a company can pay the tax at the rate of 25% on the assumed 15% profit, by having the tax withheld by the customer or other persons designated by the local tax authorities as withholding agents.
How does this impact Greek shipping?
The Double Taxation Agreement (“DTT”) and the Merchandise Franchise Agreement (“MFA”), which Greece and China have in place, protect Greek shipping companies or non-Greek shipping companies that are managed by Greek management offices by exempting them from any tax on freight transportation income in Chinese ports. It is important to note that the exemption is not automatic; once the Chinese authorities finalize the filing requirements, close attention shall need to be paid to the completion of necessary documentation in order to secure the exemption.
Additionally, the Greek Government is in the process of setting up further safeguards by amending laws related to tax residency certificates in order to ensure that the Greek shipping companies will be exempted from this new levy. In this case, the impact of the new law could only be compliance requirements and not actual tax costs. However, it is still unclear if the DTT and the MFA mentioned above and the submission of the necessary tax residency certificate will have the power to secure shipping companies exemption from this tax law. Deloitte is following closely any development and will keep its clients informed on any news.
Deloitte’s global shipping leader, George Cambanis, commented, “Provided the proposed amendments to the current Greek law enable management offices to obtain the tax residency certificates which would then exempt Greek shipping companies from this new Chinese tax law the only downside to Greek shipping would be the administrative cost of compliance.”
Source: Deloitte / Hellenic Shipping
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Wednesday, 29 October 14
GOOD REASON WHY Q4 CAPESIZE OUTLOOK WAS SO BULLISH AT START OF THE YEAR - COMMODORE RESEARCH
COALspot.com: There was good reason why so many analysts' capesize outlook for Q4 was so very strong at the start of this year. Brazilian ...
Tuesday, 28 October 14
SGX'S FOB RICHARDS BAY COAL SWAP FOR DELIVERY Q1' 2015 CLOSED AT $ 68.07 ON 24 OCT
COALspot.com: API 4 FOB Richards Bay coal swap for Q4’ 2014 delivery decreased US$ 0.65 (-0.96%) month over month and increased US$ 1.79 (+2. ...
Tuesday, 28 October 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1' 15 DELIVERY CLOSED 3.68% LOWER MONTH ON MONTH
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week.
The swap has lost US ...
Monday, 27 October 14
GOVT PROMISES TO EASE LICENSING PROCEDURES IN MINING SECTOR - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to simplify the complicated licensing procedures i ...
Monday, 27 October 14
FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED $ 0.10 LESSER THAN Q4' 14 CLOSING OF $ 53.27 PMT
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.43 (-2.61%) month over month and increased US$ 0.05 (+0.09% ...
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- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- PTC India Limited - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
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